In a world of increased digitalization, sectors are evolving rapidly to meet the needs of the ever-changing market dynamics and investing heavily in digital transformation initiatives. As per a recent NASSCOM report enterprise spending on technology and business services is expected to grow from USD 2.8 Trillion in 2014 to USD 4 trillion by 2025. Owing to the massive growth possibilities there has been a growth in technologies directed towards digitally transforming various sectors. Gross domestic product (GDP) in dollar terms has already crossed USD 3 trillion, in line with PM Modi’s vision of making India a USD 5 trillion economy and a global economic powerhouse by 2024-25.
Here’s a look at some of the current landscape and some players who are working towards enabling key sectors today.
Edtech – In wake of the pandemic, the Indian Edtech companies have come to the forefront of imparting education. Owing to the massive potential that the sector possesses, Edtech startups raised $4.7 Bn to emerge as the third most-funded sector in 2021. With the help of technologies like AI, ML, AR, VR etc. The Edtech industry is revolutionizing India’s education landscape by making the entire learning process more effortless and captivating. With the help of these technologies leading Edtech firms are able to provide an immersive learning experience across all age groups. The sector is expected to reach $30 billion in size in the next ten years and is brimming with new age solutions. Creative Galileo is one such new-age EdTech start-up i.e., transforming early learning globally for children between the age groups of 8 to 10 years. The startup even attracted $2.5 million in seed funding led by the Kalaari Capital & several other angel investors.
Real Estate Tech – There has been a paradigm shift across the real estate landscape in terms of technology adoption today. There has been a massive growth in adoption of new age technologies such as AI, ML, IoT, Big Data etc. With the help of these technologies the leading real estate tech players are revolutionizing the way we buy, rent, sell, design, construct, and manage residential and commercial property. These technologies are being leveraged to ensure timeless delivery, improved market insights, marketing, client servicing & to even conduct site visits using technologies such as VR & AR. Owing to the fascinating talent pool that exists in India accompanied by favorable government policies, leading tech companies from across the globe have established their captive centers here in India. Compass Inc., a US headquartered technology platform empowering home buyers and agents in the US market also established its India Development Center in Hyderabad. Since its inception, the India Development Centre has proved to be a highly valuable asset for the organization and has worked across different technology verticals which include Mobile Applications, Cloud Computing, Artificial Intelligence and Data Analytics for Compass’ growing client base.
Sports Tech – Globally the sports tech industry has emerged to be one of the most lucrative industries of the modern era with an estimated value of USD 620 Billion and is constantly growing at an impressive rate. With the help of cutting-edge technology, this segment is redefining every aspect of the sports industry, from ground-level activities such as scouting, team management, coaching, and athlete performance enhancement to how sports are being enjoyed by the fans and viewers across the world. Over the past few years, several sports tech platforms like MPL, Criconet, Sports365 etc. have emerged across the Indian startup landscape. Globally as well, Sports Tech has developed into one of the most active sectors and has attracted an overall funding of USD 17B. In India itself, approximately 63.4% of the sports tech companies have emerged in the past five years or so exhibiting the impressive growth of this segment in India.
Retail Tech – The retail industry in India accounts for nearly 10 per cent of the country’s overall GDP and as the nation strives towards developing itself into a digitally transformed economy, the country’s retail sector has emerged as one of the most dynamic and rapidly digitizing sectors. Owing to the massive growth opportunity that can be availed through effective integration of technology, numerous Retail tech companies have also emerged in India over the last few years like Ginesys. Ginesys is a leader in the ERP and POS space in India that strives to provide online and offline retail companies a full tech stack, enabling them to manage processes from anywhere. With 1200+ clients across tier 1 and tier 2 cities in India, Ginesys has emerged as a frontrunner in the Indian retail management software space. The company even received $10 million (Rs 69.45 crore) funding from PE Marathon Edge, in 2019.
With such increased inculcation of technology across sectors, the world around us is poised to transform rapidly leading to an enormous shift in consumer dynamics and how they avail a particular service. This will lead to the growth of organisations specializing in vertical focus technologies as they’ll continue leveraging technology to improve consumer experience leading to a substantial upsurge in profits.
